What does druff and the other right wing guys think of the tax bill?

[ToasterOven]

In what way does it simplify the code?


I think one of the "benefits" to Democrats is that it will ultimately raise taxes on upper middle wage earners so they won't have to when they take over. It's going to be pretty easy for the Dems to sell a stimulus package that spends on infrastructure with offsets that include cap gains and estate tax hikes on Mr. Monopoly.

re: simplifying -- per testimony given during the Senate hearings, the Tax Cut and Jobs Act will increase the percentage of tax filers using the standard deduction to over 90% of filers from the current 70% rate...thus for many taxpayers it simplifies tax preparation by removing the burden of itemizing (Schedule A)...the rest of the code is just a complex as ever: we still have the rules for passive activity, collapsing corporations, the alt min tax, etc...

re: what i think of it -- i don't buy the idea that reduced tax rates will result in enough taxable income growth to more that offset the rate cuts...but the federal government spending is out of control, and i see starving the beast with reduced revenues as the only way to control spending---a fiscal crisis or ear of severe monetary inflation is coming

"the burden of itemizing" often equals "paying less taxes".

[Texter]

I think most people like me will end up paying pretty much the same as now.

The republicans get to claim a win to keep their base happy.

The democrats get to demonize the republicans as only caring about the rich which will keep their base nice and happy.

Neither party really cares about the average American to begin with, just staying on the sweet power gravy train. #captainobvious

[blake]

i think i might be getting colossally fucked here. if they're limiting deductions for state and local income taxes as well as property taxes to $10,000 (combined), that is horrendous

on the flip side, they might be raising the threshold for the AMT? haven't seen how that will work

cliffs are that i assume trump is completely fucking me.

[mulva]

time to bring back the "no new taxes" republican mantra

[limitles]

right, we're all listening to your racist rants.

drop dead

[GrenadaRoger]

re: simplifying -- per testimony given during the Senate hearings, the Tax Cut and Jobs Act will increase the percentage of tax filers using the standard deduction to over 90% of filers from the current 70% rate...thus for many taxpayers it simplifies tax preparation by removing the burden of itemizing (Schedule A)...the rest of the code is just a complex as ever: we still have the rules for passive activity, collapsing corporations, the alt min tax, etc...

re: what i think of it -- i don't buy the idea that reduced tax rates will result in enough taxable income growth to more that offset the rate cuts...but the federal government spending is out of control, and i see starving the beast with reduced revenues as the only way to control spending---a fiscal crisis or ear of severe monetary inflation is coming

"the burden of itemizing" often equals "paying less taxes".

itemizing usually does...but in 2018 the incentive (paying less tax) is available without the extra work (itemizing) for another 20% of the taxpayers: for them it is like getting something for nothing--quite popular wouldn't you agree?

[Daly]

Really need to wait and see what the reconciled bill looks like. You have guys like Rubio who at the end of the day will go with party lines but is also pandering by threatening to pull out unless they do something to increase child credits. There could be some material changes to what's been proposed.

I'm all for cutting the corporate tax rate. What I'm not clear on how this will help American companies repatriate overseas profits and invest in the US. I don't think the wealthy 1% should be getting a tax break. That shit should stay the same or actually go up as they will reap the most benefit from improved corporate tax rates. That said I think the most LOL thing out of the Left over all of the is the crying about increasing the Devr by 1.5T over 10 years. Obama did 8T in 8 years (I know, TARP but still). I can't even imagine what a proposed budget would look like from a president Sanders, but 1.5T would look cheap.

At the end of the day it's all a very very very simple math problem. You can have a rate of 0% for the poor and 99% for the 1% and it wouldn't make a difference. The middle class pays for it all.

[GambleBotsChafedPenis]

I'm all for cutting the corporate tax rate. What I'm not clear on how this will help American companies repatriate overseas profits and invest in the US. I don't think the wealthy 1% should be getting a tax break. That shit should stay the same or actually go up as they will reap the most benefit from improved corporate tax rates. That said I think the most LOL thing out of the Left over all of the is the crying about increasing the Devr by 1.5T over 10 years. Obama did 8T in 8 years (I know, TARP but still). I can't even imagine what a proposed budget would look like from a president Sanders, but 1.5T would look cheap.

youre 100% right...id be willing to bet if you took a 200-500bp hack at the corporate tax rate and raised the rich tax a smidge, the rich would still come out ahead because they'd get a nice bump in their capital gains...then you have a win-win, but alas American politics don't go that way nowadays...

[hongkonger]

Really need to wait and see what the reconciled bill looks like. You have guys like Rubio who at the end of the day will go with party lines but is also pandering by threatening to pull out unless they do something to increase child credits. There could be some material changes to what's been proposed.

I'm all for cutting the corporate tax rate. What I'm not clear on how this will help American companies repatriate overseas profits and invest in the US. I don't think the wealthy 1% should be getting a tax break. That shit should stay the same or actually go up as they will reap the most benefit from improved corporate tax rates. That said I think the most LOL thing out of the Left over all of the is the crying about increasing the Devr by 1.5T over 10 years. Obama did 8T in 8 years (I know, TARP but still). I can't even imagine what a proposed budget would look like from a president Sanders, but 1.5T would look cheap.

At the end of the day it's all a very very very simple math problem. You can have a rate of 0% for the poor and 99% for the 1% and it wouldn't make a difference. The middle class pays for it all.

You aren't comparing the same numbers. The debt increased by 8T under Obama. The debt was forecast to increase by many more trillions over the next 10 years. This tax bill will increase the debt by an additional 1.5T over the increase that was already forecast.

Also, for several decades the Republicans have been beating the deficit drum. Now they control both houses of congress and the presidency. Here's their chance to balance the budget. They've chosen to make it worse.

[big dick]

I think we're all gonna get fucked.


Well not all but most

Except Donald Trump and his cronies the real estate developers and hedge fund guys. They'll make out like bandits.

Of course. His job as president is now complete in his eyes and the eyes of the super rich

[herbertstemple]

The best part of the tax bill is all the liberal tears raining down.

[big dick]

We are sad that almost the entire country took a large step backwards today.You should be sad too cus you also got fucked.

[herbertstemple]

We are sad that almost the entire country took a large step backwards today.You should be sad too cus you also got fucked.

bd. if you are talking to me remember this. When President Trump was elected the liberals said the economy would crash under him & the stock marked would crater. The exact opposite has happened on both counts. Why should anyone pay attention to them when they disparage the tax bill?

[hongkonger]

We are sad that almost the entire country took a large step backwards today.You should be sad too cus you also got fucked.

bd. if you are talking to me remember this. When President Trump was elected the liberals said the economy would crash under him & the stock marked would crater. The exact opposite has happened on both counts. Why should anyone pay attention to them when they disparage the tax bill?

That was a dumb thing for anyone to say. Presidents have little to no effect on stock market cycles and not all that much effect on short-term economic performance. The current bull market started several years ago and has nothing to do with Trump.

[lvl60Druid]

bd. if you are talking to me remember this. When President Trump was elected the liberals said the economy would crash under him & the stock marked would crater. The exact opposite has happened on both counts. Why should anyone pay attention to them when they disparage the tax bill?

That was a dumb thing for anyone to say. Presidents have little to no effect on stock market cycles and not all that much effect on short-term economic performance. The current bull market started several years ago and has nothing to do with Trump.

Of course they have an effect. If companies have confidence the President's policies will make them more money that can make the market rally. You really think the stock market would be doing the same under Bernie Sanders?

[tony bagadonuts]

i think i might be getting colossally fucked here. if they're limiting deductions for state and local income taxes as well as property taxes to $10,000 (combined), that is horrendous

on the flip side, they might be raising the threshold for the AMT? haven't seen how that will work

cliffs are that i assume trump is completely fucking me.

Keep in mind that the standard deduction will be nearly doubled.

[GambleBotsSatire]

That was a dumb thing for anyone to say. Presidents have little to no effect on stock market cycles and not all that much effect on short-term economic performance. The current bull market started several years ago and has nothing to do with Trump.

Of course they have an effect. If companies have confidence the President's policies will make them more money that can make the market rally. You really think the stock market would be doing the same under Bernie Sanders?

the guy who gordon gekko was based on said sanders would be best for the economy out of him, clinton and trump because he would give people money that actually spend it

[MumblesBadly]

In what way does it simplify the code?


I think one of the "benefits" to Democrats is that it will ultimately raise taxes on upper middle wage earners so they won't have to when they take over. It's going to be pretty easy for the Dems to sell a stimulus package that spends on infrastructure with offsets that include cap gains and estate tax hikes on Mr. Monopoly.

re: simplifying -- per testimony given during the Senate hearings, the Tax Cut and Jobs Act will increase the percentage of tax filers using the standard deduction to over 90% of filers from the current 70% rate...thus for many taxpayers it simplifies tax preparation by removing the burden of itemizing (Schedule A)...the rest of the code is just a complex as ever: we still have the rules for passive activity, collapsing corporations, the alt min tax, etc...

re: what i think of it -- i don't buy the idea that reduced tax rates will result in enough taxable income growth to more that offset revenue loss caused by lower rates...but the federal government spending is out of control, and i see starving the beast with reduced revenues as the only way to control spending---a fiscal crisis or severe monetary inflation is coming

Which is why the GOP-controlled Congress will slash the bloated defense and security industry portions of the budget, right?

[Dan Druff]

Not a fan of the tax bill.

It was rushed, it did some stupid things, and most people voting for it had no idea what was in it.

Similar to Obamacare, which was passed in the same fashion, it needed far more thought and modification before being brought for a vote.

Republicans are too worried about being accused of accomplishing little in 2017, so they rammed this mess of a bill through.

The removal of the state tax deduction was a huge mistake, though it's not "an assault on public education" like some lefty columnists are claiming.

See? I just criticized my own political party.

You guys should try it sometime.

[GrenadaRoger]

Not a fan of the tax bill.

It was rushed, it did some stupid things, and most people voting for it had no idea what was in it.

Similar to Obamacare, which was passed in the same fashion, it needed far more thought and modification before being brought for a vote.

Republicans are too worried about being accused of accomplishing little in 2017, so they rammed this mess of a bill through.

The removal of the state tax deduction was a huge mistake, though it's not "an assault on public education" like some lefty columnists are claiming.

See? I just criticized my own political party.

You guys should try it sometime.

a portion of it has been restored in the compromise -- $10,000 of any combination of state income tax, real estate tax, personal property tax, or sales tax is allowed I believe -- this was added to ensure support of California congressmen, indeed this week radio ads have been running in Los Angeles about this portion of the tax act that name the congressman for the West San Fernando Valley and urge emailing his to direct him to vote against the bill unless the state income tax deduction is restored.